Ruby reds tax rate is 35 2 ruby red had 300000 shares

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Unformatted text preview: raordinary Loss (net of 35% tax) (80,000) Net income $570,000 Additional Information: 1. Ruby Red’s tax rate is 35%. 2. Ruby Red had 300,000 shares of $20 par common stock outstanding all year. On March 1, Ruby Red issued an additional 100,000 common shares. On September 1, Ruby Red repurchased 70,000 shares into treasury at a cost of $60 per share. There have been no ot...
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